Capital.com announced today (Wednesday) the stepping down of Kypros Zoumidou from the role of Global Group CEO after holding the position for about a year. However, the broker is not replacing Zoumidou with another individual but has decided to follow a regional leadership model and has promoted Christoforos Soutzis as the CEO of the Cyprus entity.
Other regional heads of the broker include Rupert Osborne, CEO of the UK unit; Tarik Chebib, who leads the Dubai-based MENA subsidiary; and Campbell MacPherson, CEO of the Australian entity.
Capital.com also clarified that Zoumidou will remain a part of the business and assist with strategic projects. Additionally, he will support the new management in settling into their roles, ensuring continued success in future initiatives.
Following a Regional Leadership Strategy
Similar to the other regional leaders, Soutzis’ appointment also came through an internal promotion. Before becoming the CEO of Capital.com Europe, he was the Head of Operations and Executive Director.
He has spent nearly eight years with Capital.com, first joining the broker’s Cyprus office in late 2016 as the Head of Risk Management. He was later promoted to Group Chief Risk Officer. Before Capital.com, he worked for about three years at IronFX in multiple roles.
In his new role, he will be responsible for the strategic direction of the broker’s European business and will oversee day-to-day operations.
Strengthening the Management Team
The confirmation of Zoumidou’s departure and Soutzis’ promotion came only a day after Salim Sebbata joined the broker as the Head of M&A and Corporate Development. Sebbata was most recently the CEO and Managing Director of the UK unit of BUX, which was sold to APM Capital Markets.
Meanwhile, client trading volume on Capital.com surged to over $450 billion in Q3 2024, a 20 per cent increase over the previous quarter. In Q1, trading volume on the platform reached $337 billion, bringing the nine-month total to over $1.2 trillion, surpassing last year’s full total.
Furthermore, the broker recently revealed to Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions” for the first half of 2024. It now plans to double its engineering team.
This article was written by Arnab Shome at www.financemagnates.com.
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